BURLINGTON, Vt., May 2, 2018 /PRNewswire/ -- Artificial Intelligence (AI) platform provider Faraday secured more than $2 million in new funding, and added top talent to its team of leading data scientists and business software experts. The latest round of funding, from new and existing investors, supports the company's unique approach to AI, which is cost effective, easily implemented, automated, and delivers meaningful results that drive revenue for B2C companies.
Faraday enables consumer brands to leverage big data and apply automated, predictive modeling at every step of the customer lifecycle to gain instant, accurate insights into each phase of the process. Faraday's B2C clients are then able to better identify and understand their prospects and customers, and optimize marketing campaigns efficiently and effectively.
Investors in this round of financing include Intercap, FreshTracks Capital, and independent investor John Replogle, former president and CEO of consumer products industry leaders Seventh Generation and Burt's Bees. Faraday was recently recognized as the best-funded tech startup in Vermont by CB Insights in January 2018.
"If my decades leading consumer brands have taught me anything, it's that knowledge is everything," said Replogle. "I invested in Faraday because they make data and AI work immediately for B2C in a way I've never seen before. They're the future."
"AI is often too complicated and expensive for companies to implement effectively," said Jason Chapnik, chairman and CEO of Intercap, Inc. "Faraday has nailed it with a highly automated and practical AI platform that any consumer-focused company can quickly implement with incredible results."
The company has hired two industry-leading experts: Rob Trail, Senior Vice President of Sales and Customer Success; and data scientist Dr. Sean Kelly.
Trail previously served as General Manager of CRM at Boston-based Bullhorn, where he helped grow the company from 14 employees to more than 700, and built and scaled SaaS platforms for B2B companies and customer-facing teams.
Dr. Kelly previously served as a forward deployed engineer at Palantir Technologies, the leader in mission-focused data analytics. At Faraday, Dr. Kelly is working with data scientist Dr. Narine Hall to further enhance Faraday's AI platform.
"I'm thrilled Rob and Sean have joined Faraday, along with our other 8 new hires over the past year," said Andy Rossmeissl, CEO of Faraday. "AI is hard but increasingly mandatory for consumer brands—and we make it easy. Our ability to scale helps our our clients grow even faster."
Faraday start-up client Burrow, a modern direct-to-consumer furniture company, attests to the effectiveness and cost efficiency of Faraday's AI solution, stating AI coordinates 1 in 3 of its sales.
"Faraday showed us that AI is the future," said Kabeer Chopra, Burrow's co-founder and chief product officer. "Now we use their platform to understand critical behavioral factors we would have missed before. We've learned that details like pet ownership, hobbies, housing characteristics, and life events play a huge role in the furniture buying process."
Faraday is an Artificial Intelligence (AI) platform for business-to-consumer companies. Faraday uses advanced machine learning techniques to optimize revenue outcomes, from acquisition to lead conversion and retention. Faraday's turnkey AI solution includes all of the consumer data, integrations, algorithms, visualizations, and reporting necessary to roll out a powerful AI strategy in weeks, with no in-house data science team required. With over 73 billion data points on U.S. individuals, Faraday identified and reached over 90 million high-potential, high-value individuals for client campaigns in 2017 alone. For more information, please visit www.faraday.io